Gem Aromatics vs SH Kelkar vs Vidhi Specialty: Which Stock Should You Track
- October 14, 2026
- Posted by: Kunal Singla
- Category: Market
Gem Aromatics PE NA, mkt cap Rs 780 crore. SH Kelkar and Company PE 21.38, mkt cap Rs 1,903 crore. Vidhi Specialty Food Ingredients PE 30.96, mkt cap Rs 1,648 crore.
Quick Answer
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients is a side-by-side comparison of three companies from the flavours, fragrances and food ingredients space. On this comparison, Gem Aromatics carries a market capitalisation of about Rs 780 crore, against Rs 1,903 crore for SH Kelkar and Company and Rs 1,648 crore for Vidhi Specialty Food Ingredients, with return on equity of 0.32%, 3.60% and 14.93% respectively. Each company’s numbers are presented here without a declared preference, since the right stock depends on an investor’s own criteria.
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients starts with the core numbers most investors compare within the flavours, fragrances and food ingredients segment: market capitalisation, valuation multiples, profitability, dividend yield and the latest quarterly results. Figures below are sourced as of October 2026 and will shift with daily price moves.
All three names sit in the flavours, fragrances and food ingredients bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses. The sections below cover the company profiles, a valuation table, the latest quarter and a five-quarter trend for revenue and net profit.
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Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients: Company Overview
Gem Aromatics is a listed Indian company in the flavours, fragrances and food ingredients space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 780 crore, a return on equity of 0.32% and a book value of Rs 86.13 per share. Its quarterly revenue moved from Rs 88.90 crore in June 2025 to Rs 99.01 crore in June 2026, a change of +11.4%.
SH Kelkar and Company is a listed Indian company in the flavours, fragrances and food ingredients space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 1,903 crore, a return on equity of 3.60% and a book value of Rs 98.39 per share. Its quarterly revenue moved from Rs 581.31 crore in June 2025 to Rs 663.23 crore in June 2026, a change of +14.1%.
Vidhi Specialty Food Ingredients is a listed Indian company in the flavours, fragrances and food ingredients space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 1,648 crore, a return on equity of 14.93% and a book value of Rs 65.64 per share. Its quarterly revenue moved from Rs 88.39 crore in June 2025 to Rs 146.48 crore in June 2026, a change of +65.7%.
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients: Valuation and Profitability Snapshot
| Metric | Gem Aromatics | SH Kelkar and Company | Vidhi Specialty Food Ingredients |
|---|---|---|---|
| Market Cap (approx.) | Rs 780 crore | Rs 1,903 crore | Rs 1,648 crore |
| PE Ratio (TTM) | NA | 21.38 | 30.96 |
| PB Ratio | 1.73 | 1.40 | 5.03 |
| Return on Equity (ROE) | 0.32% | 3.60% | 14.93% |
| EPS (TTM, Rs) | -2.76 | 6.43 | 10.66 |
| Dividend Yield | 0.00% | 0.73% | 0.91% |
| Debt to Equity | 0.34 | 0.76 | 0.18 |
| Book Value per Share (Rs) | 86.13 | 98.39 | 65.64 |
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On valuation, Gem Aromatics trades at a PE of NA and a PB of 1.73, SH Kelkar and Company at a PE of 21.38 and a PB of 1.40, while Vidhi Specialty Food Ingredients trades at a PE of 30.96 and a PB of 5.03. On return on equity, the three post 0.32%, 3.60% and 14.93% respectively, and on dividend yield they stand at 0.00%, 0.73% and 0.91%. SH Kelkar and Company has the highest market capitalisation of the three at Rs 1,903 crore, while Gem Aromatics has the lowest at Rs 780 crore. Vidhi Specialty Food Ingredients has the highest PE ratio of the three at 30.96, while SH Kelkar and Company has the lowest at 21.38. Vidhi Specialty Food Ingredients has the highest return on equity of the three at 14.93%, while Gem Aromatics has the lowest at 0.32%. SH Kelkar and Company has the highest debt to equity ratio of the three at 0.76, while Vidhi Specialty Food Ingredients has the lowest at 0.18. Debt to equity is 0.34, 0.76 and 0.18 for the three respectively.
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients: Latest Quarterly Results
| Company | Latest Quarter Revenue | Latest Quarter Net Profit | YoY Change (Revenue) | QoQ Change (Revenue) | YoY Change (Net Profit) |
|---|---|---|---|---|---|
| Gem Aromatics | Rs 99.01 crore | -Rs 7.87 crore | +11.4% | -10.6% | -198.6% |
| SH Kelkar and Company | Rs 663.23 crore | Rs 45.43 crore | +14.1% | +1.0% | +77.8% |
| Vidhi Specialty Food Ingredients | Rs 146.48 crore | Rs 17.12 crore | +65.7% | +19.0% | +34.8% |
Quarterly figures above are the most recent reported quarter for each company (Q1 FY27, quarter ended June 2026), compared with the year-ago and preceding quarter. A percentage change in net profit is shown as NA where the comparison quarter was a loss or the latest quarter is a loss, since the percentage is not meaningful in that case.
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients: Five-Quarter Revenue and Net Profit Trend
The five-quarter view below shows how revenue and net profit moved from June 2025 to June 2026 for each company in Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients, which helps separate a one-quarter move from a steadier pattern.
Quarterly revenue (Rs crore)
| Quarter | Gem Aromatics | SH Kelkar and Company | Vidhi Specialty Food Ingredients |
|---|---|---|---|
| June 2025 | Rs 88.90 crore | Rs 581.31 crore | Rs 88.39 crore |
| September 2025 | Rs 90.51 crore | Rs 554.21 crore | Rs 75.67 crore |
| December 2025 | Rs 77.24 crore | Rs 584.92 crore | Rs 94.68 crore |
| March 2026 | Rs 110.71 crore | Rs 656.85 crore | Rs 123.06 crore |
| June 2026 | Rs 99.01 crore | Rs 663.23 crore | Rs 146.48 crore |
Quarterly net profit (Rs crore)
| Quarter | Gem Aromatics | SH Kelkar and Company | Vidhi Specialty Food Ingredients |
|---|---|---|---|
| June 2025 | Rs 7.98 crore | Rs 25.55 crore | Rs 12.70 crore |
| September 2025 | -Rs 2.58 crore | Rs 9.17 crore | Rs 10.56 crore |
| December 2025 | -Rs 4.99 crore | Rs 32.63 crore | Rs 12.42 crore |
| March 2026 | Rs 1.01 crore | Rs 1.80 crore | Rs 13.15 crore |
| June 2026 | -Rs 7.87 crore | Rs 45.43 crore | Rs 17.12 crore |
Gem Aromatics reported revenue of Rs 88.90 crore in June 2025 and Rs 99.01 crore in June 2026, a change of +11.4% across the period. Its highest quarterly revenue in this window was Rs 110.71 crore in March 2026. Net profit stood at -Rs 7.87 crore in June 2026, which is a net profit margin of -7.95% (a net loss for the quarter). Gem Aromatics reported a net loss in September 2025, December 2025 and June 2026.
SH Kelkar and Company reported revenue of Rs 581.31 crore in June 2025 and Rs 663.23 crore in June 2026, a change of +14.1% across the period. Its highest quarterly revenue in this window was Rs 663.23 crore in June 2026. Net profit stood at Rs 45.43 crore in June 2026, which is a net profit margin of 6.85%.
Vidhi Specialty Food Ingredients reported revenue of Rs 88.39 crore in June 2025 and Rs 146.48 crore in June 2026, a change of +65.7% across the period. Its highest quarterly revenue in this window was Rs 146.48 crore in June 2026. Net profit stood at Rs 17.12 crore in June 2026, which is a net profit margin of 11.69%.
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What Should Investors Look at Beyond These Numbers?
Beyond the metrics above, investors comparing these three flavours, fragrances and food ingredients names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and factors specific to the segment such as raw material prices, customer concentration, export demand and product mix. A single-quarter snapshot can shift quickly, and smaller companies in particular can show wide swings from one quarter to the next.
It also helps to read the latest quarterly filings and investor presentations of Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients directly, since the figures here come from standardised data and do not capture company-specific context such as one-time items, order timing or promoter actions.
Conclusion
Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients highlights how differently three companies in the same flavours, fragrances and food ingredients segment can look across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information as of October 2026 and may not reflect real-time prices. Please verify all data independently before making any investment decision. This comparison does not recommend or endorse any single stock over another; investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Gem Aromatics vs SH Kelkar and Company vs Vidhi Specialty Food Ingredients
What is the market cap difference between Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients?
Ans. As of October 2026, Gem Aromatics has a market cap of approximately Rs 780 crore, SH Kelkar and Company is at approximately Rs 1,903 crore, and Vidhi Specialty Food Ingredients is at approximately Rs 1,648 crore.
What are the PE and PB ratios of Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients?
Ans. As of October 2026, the PE ratios stand at NA, 21.38 and 30.96 respectively, and the price to book ratios stand at 1.73, 1.40 and 5.03 respectively.
Which of the three has the highest ROE?
Ans. Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients post ROE of 0.32%, 3.60% and 14.93% respectively as of October 2026. Vidhi Specialty Food Ingredients has the highest return on equity of the three at 14.93%, while Gem Aromatics has the lowest at 0.32%.
Which of these three stocks pays the highest dividend yield?
Ans. Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients carry dividend yields of 0.00%, 0.73% and 0.91% respectively.
What is the debt to equity ratio for Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients?
Ans. Gem Aromatics carries a debt to equity of 0.34, SH Kelkar and Company of 0.76, and Vidhi Specialty Food Ingredients of 0.18.
What were the latest quarterly revenue and net profit of Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients?
Ans. For Q1 FY27 (quarter ended June 2026), Gem Aromatics reported revenue of Rs 99.01 crore and net profit of -Rs 7.87 crore, SH Kelkar and Company reported revenue of Rs 663.23 crore and net profit of Rs 45.43 crore, and Vidhi Specialty Food Ingredients reported revenue of Rs 146.48 crore and net profit of Rs 17.12 crore.
Does this comparison recommend one of Gem Aromatics, SH Kelkar and Company and Vidhi Specialty Food Ingredients?
Ans. This comparison does not declare one stock ahead of another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor’s own criteria and research.
